{"id":38728,"date":"2016-08-22T16:00:57","date_gmt":"2016-08-22T23:00:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=38728"},"modified":"2016-08-22T12:49:40","modified_gmt":"2016-08-22T19:49:40","slug":"glenn-straub-threatens-abandon-revel-atlantic-city","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/","title":{"rendered":"Glenn Straub Threatens to Abandon Revel Atlantic City"},"content":{"rendered":"
\"Glenn
Revel Atlantic City owner Glenn Straub says time is running out for local officials to approve his casino and hotel permits, otherwise he’s ready to abandon ship. (Image: Jacqueline Urgo\/Philadelphia Inquirer)<\/figcaption><\/figure>\n

Developer Glenn Straub<\/a> says he’s considering abandoning his resurrection plans for Revel Atlantic City unless local officials in New Jersey change their governing ways.<\/p>\n

The Florida-based real estate millionaire was once again before New Jersey’s Casino Reinvestment Development Authority (CRDA) last week. Straub is seeking a permit to operate the resort.<\/p>\n

Straub has performed renovations on the $2.4 billion shuttered property to include a ropes and 13-floor cycling course.<\/p>\n

The changes required new traffic-flow permits from the CRDA, but the governing organization says it needs additional information. The CRDA has also dragged its feet in approving a casino permit for Revel, even though Straub has hired a gambling operator to manage the facility’s gaming.<\/p>\n

The CRDA argues Straub’s company, Polo North Country Club Inc., hasn’t filed the appropriate paperwork.<\/p>\n

“I can’t believe how much bureaucracy there is in this state. This is exactly what New Jersey is known for,” Straub opined to reporters during a break. “This state stinks.”<\/p>\n

Straub said he’s got “other things to do” then wait on New Jersey and Atlantic City officials.<\/p>\n

Straub’s Bluff?<\/b><\/h2>\n

Straub seemed resolute in professing his willingness to abandon Revel in its entirety, but that would mean giving up on his $82 million investment he paid in 2015 to acquire the bankrupt resort. However, that’s chunk change compared to the $500 million Straub initially committed to the venue that first opened in 2012.<\/p>\n

His plans of converting the resort into a “recreation-based facility along with casinos” have hit one roadblock after another.<\/p>\n

Just four months ago, Straub told Forbes, “Atlantic City is a perfect place to put money. It’s going to multiply ten times what it’s now worth.”<\/p>\n

\n

Straub and billionaire Carl Icahn both pledged to revitalize the gaming beach town. Icahn changed his mind this month by announcing the closure of his Trump Taj Mahal.<\/strong><\/p>\n<\/blockquote>\n

Originally scheduled to open on June 15 as a hotel-only facility featuring the recreational activities, unattained permits have kept the lights dark at Revel.<\/p>\n

Straub is now aiming for an October opening, but his patience is wearing thin.<\/p>\n

“I don’t have time to be screwing with this stuff,” Straub declared. “This is 10 times worse than what it would be anyplace else.”<\/p>\n

And Then There Were Seven<\/b><\/h2>\n

When the Trump Taj Mahal<\/a> closes on October 10, only seven casinos will remain in Atlantic City. The city’s casinos all pay 1.25 percent of gross gaming revenues to fund the CRDA.<\/p>\n

The CRDA must follow a series of regulations and licensing procedures, but the policies are certainly not making it easy for Straub to bring back Revel.<\/p>\n

Instead of doing everything in its power to expedite the process, the CRDA seems to be focused on non-gaming entertainment.<\/p>\n

At its meeting last week, the agency approved two measures that have nothing to do with the casino market.<\/p>\n

The agency agreed to sponsor a fifth summer beach concert with Live Nation, and also agreed to spend $150,000 on the Garden State Film Festival over the next two years.<\/p>\n

“The CRDA continues its mission to attract events and visitors to the city,” CRDA Executive Director John Palmieri said in a press release.<\/p>\n

Unfortunately, at least for now, the CRDA isn’t attracting a half of a billion-dollar investor in Straub.<\/p>\n","protected":false},"excerpt":{"rendered":"

Developer Glenn Straub says he’s considering abandoning his resurrection plans for Revel Atlantic City unless local officials in New Jersey change their governing ways. The Florida-based real estate millionaire was once again before New Jersey’s Casino Reinvestment Development Authority (CRDA) last week. Straub is seeking a permit to operate the resort. Straub has performed renovations […]<\/p>\n","protected":false},"author":42,"featured_media":38731,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,13,18],"tags":[],"acf":[],"yoast_head":"\nGlenn Straub Threatens to Abandon Revel Atlantic City<\/title>\n<meta name=\"description\" content=\"Glenn Straub recently said he's considering abandoning his plans to reopen the Revel Atlantic City, the developer citing local officials as the culprit.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glenn Straub Threatens to Abandon Revel Atlantic City\" \/>\n<meta property=\"og:description\" content=\"Glenn Straub recently said he's considering abandoning his plans to reopen the Revel Atlantic City, the developer citing local officials as the culprit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-22T23:00:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-08-22T19:49:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/20160612_inq_jrevel11-b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"649\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/\",\"url\":\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/\",\"name\":\"Glenn Straub Threatens to Abandon Revel Atlantic City\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/20160612_inq_jrevel11-b.jpg\",\"datePublished\":\"2016-08-22T23:00:57+00:00\",\"dateModified\":\"2016-08-22T19:49:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Glenn Straub recently said he's considering abandoning his plans to reopen the Revel Atlantic City, the developer citing local officials as the culprit.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/glenn-straub-threatens-abandon-revel-atlantic-city\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/20160612_inq_jrevel11-b.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/08\/20160612_inq_jrevel11-b.jpg\",\"width\":649,\"height\":533,\"caption\":\"Revel Atlantic City owner Glenn Straub says time is running out for local officials to approve his casino and hotel permits, otherwise he's ready to abandon ship. 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